I'm sure we will beat expectations but I'm not sure by how much. I wouldn't be surprised if we come in around $1.25 as long as we don't take a restructuring charge above the usual.
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I think Robin could have mentioned how much AI and machine learning we ALREADY use when asked about AI. Hearing him talk about the AI Hub makes it sound like we're getting ready to look into AI instead of trying to expand it. He touched on our current use later in his answer but he should have LEAD with that and stressed that there are dozens of other examples then mention how our AI Hub is going to accelerate similar implementations.
https://www.insidermonkey.com/blog/the-bank-of-new-york-mellon-corporation-nysebk-q4-2023-earnings-call-transcript-1246445/6/
Those severance provisions (in the quarterly highlights document, page 25, halfway down) are huge.
$153M for this quarter alone, compared to "only" $32M for last quarter.
That suggests there's a whole lot of people being let go this time around...
Spot on about the huge charges but luckily not about the stock dropping $3.
It's outrageous that they include this in the quarterly financial highlights:
Invested in our Culture
— Drove higher employee engagement
— Launched BK shares
— Enhanced learning, development and feedback
— Improved employee benefits
Tomorrow's the big day. Any predictions on 4th quarter earnings?
Huge restructuring charge?
Stock drop by $3?
Lower fee revenue but higher interest revenue?
@1cfs, actually the stock peaked in the low to mid 60's under your Uncle Todd, not 59.12. But that doesn't matter because it tanked under his "steady hand" and ended lower than he started with. Facts are facts.
Seems the street liked our numbers. Stock price "rocketed" to heights not seen since.... Well..., a month ago.
Dream on- the stocks closed at 59.12 under Todd
Sorry, @1szh.
When Uncle Todd took over on 9/27/2019 the price was 44.53.
On his last day, 8/31/2022 the stock closed at 41.53
Stocks were wonderful during Todd’s glorious reign. I miss him profoundly.
@1yji, our EPS is double what it was 20 years ago. Stock price is pretty flat though.
Earnings will continue the 35 year flatline even as the sun rises and falls daily.
More of our 401K match will be siphoned off for an interest free loan to the Bank each and every year..
There will be surprise cuts in the new “Unknown or Variable” 401K match cuts.
I truly hate this place.
It doesn't matter since our stock will drop either way.
@eod, I thought they did that in Q4.
My guess is, it’ll be in the executive sweet spot , where the executives tell us our bonuses and raises will be less due to earnings yet they will record a record bonus…..